No Budget celebrations in Turnbull's first year

13 September 2016

A year into the job, Malcolm Turnbull’s promise to provide the economic leadership the country needs has fallen flat, particularly when it comes to Budget repair.

Australia’s deficit and net debt both continue to balloon under the Prime Minister’s watch.

The deficit was $2.6 billion bigger at this year’s Pre-Election Economic and Fiscal Outlook than it was at the Mid-Year Economic and Fiscal Outlook in December, and net debt had swelled by $7 billion in the same period.

Malcolm Turnbull has compounded the Coalition’s abysmal fiscal record, which has seen the deficit triple, net debt blow out by well over $100 billion and the AAA credit rating put at risk.

When it comes to the Budget, this Government stumbles from one stuff-up to the next.

The Government’s Omnibus Savings Bill was a shambles before Labor did the sums and found an embarrassing $107 million black hole – and came up with fairer ways to save more.

The Turnbull Government’s superannuation policy is being shredded by its backbench, highlighting the disunity and dysfunction within its ranks.

The Prime Minister lectures about the moral responsibility of Budget repair but, at the same time, he wants to gift a $50 billion tax cut to big business at the expense of schools and hospitals.

Malcolm Turnbull and his Government have shown they have no idea how to fix the Budget in a fair way.

Labor has led the debate and will continue to provide the economic leadership the Prime Minister has proven incapable of.